Posco And Adani Group Teams Up For $5 Bn Mundra Steel Mill

In the third attempt by the South Korean steel giant to have a significant manufacturing presence in India, South Korea’s Posco and Adani Group have agreed to jointly build a $5 billion integrated steel plant in Gujarat. As part of an initial non-binding agreement between Posco and Adani, the environment-friendly steel mill would be built at Mundra in Gujarat.

This partnership acts as a significant move for the diversified Adani Group, which has interests in logistics, ports, airports, mining, power generation and distribution, renewable energy, gas and infrastructure.

Both parties are also examining various options to cooperate and leverage the technical, financial and operational strengths of each company, according to the statement. The companies have also signed an initial agreement with the Gujarat government for support and cooperation for the partnership.